1.1                          A bill for an act 
  1.2             relating to real estate; requiring the commissioner of 
  1.3             commerce to design a required disclosure short form to 
  1.4             be used in all residential real estate transactions. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [REQUIRED DISCLOSURE SHORT FORM.] 
  1.7      The commissioner of commerce shall design a required 
  1.8   disclosure short form that shall be used in all Minnesota 
  1.9   residential real estate transactions.  The required disclosure 
  1.10  short form shall combine all required federal and state 
  1.11  disclosures into one readable and concise document that 
  1.12  preserves the intent of the original disclosures, while 
  1.13  simplifying the disclosure process.  The commissioner shall 
  1.14  present the required disclosure short form, along with any 
  1.15  enacting legislation, to the legislature by January 15, 1996. 
  1.16     The commissioner may appoint a study group to provide 
  1.17  advice in designing the required disclosure short form.  If the 
  1.18  commissioner appoints a study group, members shall include, but 
  1.19  are not limited to, representatives of real estate agents, 
  1.20  closing agents, title insurers, mortgage bankers, the attorney 
  1.21  general's consumer division, the commissioner of health, and the 
  1.22  pollution control agency. 
  1.23     The commissioner also may recommend amending or repealing 
  1.24  any state mandated real estate disclosure currently in effect. 
  1.25     Sec. 2.  [EFFECTIVE DATE.] 
  2.1      Section 1 is effective the day after final enactment.